The Long Realty Cares Foundation was established in 2002 to expand philanthropic activities, providing a venue for individuals and our company to collectively enhance the quality of life in Arizona. More than 2 million dollars in support has been donated to over 170 different non-profit organizations in the communities where we live and work.
Our Mission Statement: Offering the promise of hope to those who need shelter, sustenance and comfort, and the commitment to serve the needs of the communities in which we work and live.
Visit the Long Realty Cares website for more information.
Our Long Realty Oro Valley office is moving at the end of August! The new office will be located in a brand new, hi-tech building of over 11,000 sq. ft. Not only will this new building provide an updated look, but also will be much more convenient for our clients. The office features wall mounted TVs for easier presentation of materials in the meeting rooms, but perhaps more importantly will have much easier access to the building itself. The location is much more visible than the previous office and not being on the corner will make ingress & egress much smoother. This new building shows the commitment of Long Realty to invest in its future and to stay at the leading edge of the industry with its technology and services. Look for our new office on the eastside of Oracle just about 1/2 mile north of Magee. The new address is below:
Team Woodall
Long Realty Company
8540 N. Oracle Rd. Building 2
Oro Valley, AZ 85704
In the desert Southwest water is always a topic of conversation, particularly as it relates to growth and expansion. For those people living or looking to live within the Oro Valley Water Utility service area, the Town has quite a bit of information on its website to answer questions and concerns. Each year the Oro Valley Water Commission, which is tasked with advising the Town Council, publishes an annual report. Currently Oro Valley Water Utility has 18,716 customer connections which includes not only those within the Oro Valley town limits, but also the Countryside communities which it services located north of Cortaro Farms by Camino De Oeste.
Water quality is also another area of concern for many people and Oro Valley has a great track record, having gone the last eleven years consecutively without a water quality violation. During 2012 there were 2,250 tests performed to ensure the water quality complied with federal and state standards. Oro Valley delivers water from three sources; groundwater from aquifers below the Town, Central Arizona Project (CAP) water, and finally reclaimed water used for turf irrigation at area golf courses. Groundwater levels have continued to decline but the amount of reduction has lessened since the CAP and reclaimed water programs were put into place.
Anyone with a real interest in learning about water for the Oro Valley area should absolutely read the Annual Report linked above. For more information visit the Town of Oro Valley Water Utility’s website.
By using Team Woodall as your Long Realty Sales Associates you can become a member of the Long Advantage Program and participate in all it has to offer. Whether you are selling or buying a home, you will find an Advantage partner that can give you great service and discounts that will certainly help you in this process. The Long Advantage Program was created in 2001 to help you before, during and after your real estate transaction. Some of the vendors who participate are: hotels & resorts, air conditioning companies, landscapers, cable TV providers, and many more.
Just present your Long Advantage Gold Card at any one of our listed Advantage partners and have peace of mind knowing that you are working with a reputable, recommended company who will make sure that you receive special Long Advantage pricing and the best service. New clients can receive temporary cards from Team Woodall until your permanent Long Advantage cards arrive.
The July editions of the Long Housing Reports and MLS statistics are now available on our website! Click Here to read all the latest reports. With the release late this afternoon of the Housing Reports the July editions of “The Woodall Wire” and “In The Know” will be sent out tomorrow morning. If you haven’t signed up yet and would like to receive these monthly newsletters, simply Click Here to join our mailing lists. Notable statistics for the month closing June 2013:
Average Sales Price increased 3.27% from May and now is at $196,376.
The Median Sales Price also increased in June to $160,000 which is a 2.24% increase from May.
Average Days on the Market decreased slightly to 53 from 57 the month prior.
Sales involving conventional loans once again outpaced cash transactions, accounting for 39% of closings compared to 28% for cash.
Total Active Listings sat at 3,953, the same as May, but still up over 13% from a year ago.
Total Unit Sales decreased marginally in June to 1,399 from May’s 1,437.
The market continues to show a robustness over an extended period of time now and should continue a slow and steady rise. Interest rates increasing of late may put a little damper on sales, but that should keep the market from rebounding too quickly and is fundamentally a positive thing.
With interest rates for mortgages hitting record lows over the last year it was widely held that eventually refinancing activity would dry up. However, one overlooked component was that not everyone could refinance due to their home’s equity (or lack thereof) position. With home prices climbing this has opened up the refinancing market to more potential families even with interest rates climbing off the record lows. After all, for people now in a position to refinance even a 4.75% rate would look considerably more attractive than 6.5% say. There were government backed programs that offered some avenue of refinance previously for underwater owners, but the feeling of actually peeking above water again is positive enough for some buyers to jump now at the opportunity when before it seemed refinancing was a difficult proposition. We’ll see how long this trend continues as much of it will be determined by home prices continuing to climb and where interest rates head.
Also keep your eyes peeled for a big resurgence in years to come in Seller financing.
The term “boomerang buyers” has been coined to describe the millions of Americans who left their homes through foreclosure or a short sale and are now re-entering the market looking to once again purchase a residence. This has in part fueled the recovery of the housing market. The largest component needed for these buyers to qualify again is simply letting enough time go by from the date of the property transfer. Most people who went through foreclosure must wait three years before qualifying, while a short sale is more commonly 2-3 years although in some extenuating circumstances a short sale may not preclude a buyer from buying again immediately. For most of these individuals and families the transition from home ownership to renting has not been easy and many aspire to once again own a home. Some people who experienced job loss, wage reduction, etc. are prime candidates to make good future homeowners. Making the boomerang buyer even more motivated have been low housing prices and record low interest rates.
Loan programs targeting these boomerang buyers have been popping up for awhile. Qualifying today for these buyers is still a stringent process, although its very feasible for most once enough time has passed and they meet traditional qualification criteria. However, there is absolutely a segment of buyers who were shaken by the traumatic experience of going through a home loss. Some of these buyers must overcome the psychological factors before returning to the home buying market, as many are afraid it could happen again if circumstances deal another painful blow. Already though buyers have been returning and more are anticipated over the next few years.
FHA loans have become a stalwart of financing in the last few years (upwards of 35% of the mortgage market) as conventional mortgages became more difficult to qualify for and down payment reserves were more scarce for buyers. The attractiveness of financing with just 3.5% down has been a huge benefit for many buyers recently. However, now FHA loans will require mortgage insurance to be paid not only while equity in a home remains below 78%, but for the life of the loan and the rate is increasing for the fifth time in the last four years. Previously as a buyer paid down the principal and/or a property increased in value to make its loan balance at 78% of the home’s value the insurance premium could be cancelled, making the monthly payment decrease for a borrower. Due to their projected need for additional revenue the Federal Housing Administration has determined this new permanent mortgage insurance for the life of the loan is their best avenue to sure up their finances. Unfortunately this will negatively impact a lot of buyers.
One result of this policy change that we should see is an increase of buyer’s choosing conventional financing which typically necessitates a 5% down payment. While this may make purchases more difficult for a buyer it will likely make financial sense to save up the additional 1.5% down payment over the long term. Traditional private mortgage insurance is not needed when a home’s loan balance is at 80% of the value. In fact, private mortgage insurers are required by law to cancel mortgage insurance once this threshold has been met but the FHA is specifically exempted from this law.
As we’ve often mentioned this is why the relationship between a buyer, agent, and lender is so vitally important to determine which loan program is of most benefit for each buyer’s circumstances.
As we’ve talked about here at TeamWoodall.com the market has shifted in the last year to once again become quite competitive for buyers, particularly at certain price points. While offering a strong price for the home you’re interested in is of course the primary method of securing a home, there are other non-traditional methods which have been proven quite effective. Team Woodall does utilize these various methods when the situation dictates to put our buyers in the best possible position to secure their next home. Here’s our list of ideas to consider before your next offer:
Price! – As was just mentioned price is THE primary factor a seller will look at considering offers. While this isn’t a non-traditional method, it’s important enough to put it first on the list. Especially since some buyer’s are still having a difficult time coming to realize the market isn’t always in their favor anymore. Low ball offers are mostly a thing of the past as even foreclosure properties are priced much more closely to a true market value. This doesn’t mean you have to pay above average market price. Although that remains an option if you’re planning to hold a property for a long time and factor in the “enjoyment value” a particular property might bring. For instance a home with phenomenal views, in your desired community, etc. may have some additional monetary value to you that makes a top-end of the market range worthwhile.
Terms – Our primary counsel to most of our buyers is to keep an offer straightforward and as “clean” as possible. A simple offer is much easier for a seller to understand and they’re more likely to agree to a simple offer than one which has a bunch of stipulations and non-standard terms. This doesn’t mean you can’t still get concessions and other necessary items but don’t bog down an offer with small details. This continues on during the inspection period, a minefield today in transactions, where sometimes taking care of small fixes is a better idea than asking for each item on an inspection report to be completed by the seller. Closing timeframe is another area that can strengthen the terms of an offer. At times this is making a close of escrow happen quickly, but at others it’s being flexible to meet the needs of a seller.
Write A Letter – You’ll see this suggestion crop up from time to time and there’s a reason for that….it can work! Now, not every seller is motivated by the personal factors a letter written by a buyer communicates (think of bank-owned properties), but owners who’ve raised a family in a home or have lived in the residence for a long time are much more likely to be swayed by such a letter when other terms are at least close in competing offers. A best practice here is to explain why you want that particular home and what makes it stand out for you.
Delivery – At times making a presentation in person can be of benefit but more than anything Team Woodall tries to establish a good rapport with the listing agent on each offer before presenting it. Having the listing agent positive about an offer is an important step in them helping to best communicate an offer in a positive light. Team Woodall strengthens our relationships constantly with other agents in ways which you don’t see that includes providing feedback when requested on each property shown, networking at industry events, and providing punctual communication. Another part of the delivery is to provide some reasoning or justification with an offer. This isn’t an opportunity to “beat up” a seller on price, but rather show a clearly thought out rationale.
These strategies are just a part of the discussion Team Woodall has with our buyer clients to best position you to have your offer accepted.
Since 1977 Oro Valley has annually renewed its commitment to the Oro Valley Police Department’s School Resource Officer (SRO) Program. Today the program consists of seven officers and one supervising sergeant assigned to each of the town’s Amphitheater schools. One officer is assigned to each of the elementary schools and K-8 school while two each are assigned to the high schools of Ironwood Ridge and Canyon Del Oro. In addition, each officer maintains as a liaison with all of the private and charter schools in town boundaries.
Each SRO has the task of being a law enforcement officer, teacher, and counselor to their school community which not only includes the students but faculty, staff, and parents. This proactive approach and commitment from the Town in its funding of the program really helps establish Oro Valley as a leading community throughout the region. SROs develop positive relationships with students to foster a sense of community and good citizenship, while also being available to investigate criminal activity, deter criminal activity, help educate the students through direct classroom instruction/presentations, and be of assistance with disciplinary issues. Of course there have been several highly publicized shootings across the nation at schools for which having an SRO would clearly be of benefit. The visibility and positive outreach are really at the heart of the program though and SROs participate in school functions as well, assisting staff and parent volunteers.
Quite a bit more specific information about the School Resource Officer program of Oro Valley can be found at the Town’s website linked here.
"Stephen is extremely responsive, knowledgeable, and professional. He has helped navigate us through numerous challenges and decisions, making the sometimes stressful process of buying and selling SO much easier. Thanks, Stephen!" – Christine & Ken
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